Emefiele says security agencies will continue to monitor cash withdrawals; as Buhari launches new Naira notes

Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, has restated the apex bank’s resolve to make Nigeria a cashless society, insisting that withdrawals across the counter would be drastically reduced while the country’s security agencies will continue to monitor heavy withdrawals.

Emefiele dropped the hint in an interactive session with State House Correspondents in Abuja, Wednesday, moments after President Muhammadu Buhari unveiled the newly redesigned naira notes.

The CBN Governor, who said that substantial cash withdrawals would be tracked by security agencies to determine their use, also revealed that there was no going back on the January 31, 2023 deadline set for the exchange of old naira notes.

The deadline will not be extended, Emefiele emphasized, noting that there were over one million points in the country where people can deposit their old notes.

The CBN Governor also declared that  the apex bank must, as policy demands, redesign Naira notes after every five to eight years .

Before the commencement of this week’s Federal Executive Council (FEC) meeting, held inside the Council Chamber of the Presidential Villa, Abuja, President Muhammadu Buhari had officially unveiled the newly redesigned naira denominations of ₦‎1000, ₦‎500 and ₦‎200 introduced by the apex bank.